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Investing.com - Jefferies maintained its Buy rating and $384.00 price target on Alnylam Pharmaceuticals (NASDAQ:ALNY), a $41.4 billion biotech company trading near its 52-week high, following the release of IQVIA Weekly Sales Perspectives data. According to InvestingPro data, the stock has delivered an impressive 31% return over the past six months.
The data showed Amvuttra sales to U.S. institutions and retail channels reached $108.5 million for June, bringing the second-quarter total to $371 million through June 30, after adjustments for gross-to-net and capture rate.
Based on these figures, Jefferies estimates that $170.2 million in second-quarter sales can be attributed to cardiomyopathy (CM) sales, breaking down to approximately $69 million in June, $66 million in May, and $35 million in April.
Alnylam management has previously indicated that the cardiomyopathy launch is primarily a second-half story for the company’s business outlook.
The research firm noted that early uptake data suggests a "running start with commercial execution" for the cardiomyopathy indication despite management’s focus on later-year performance.
In other recent news, Alnylam Pharmaceuticals has reiterated its 2025 total product revenue guidance of $2.05-2.25 billion. This announcement coincides with Needham’s decision to increase its price target for Alnylam to $377, reflecting optimism about the company’s prospects, particularly with the Amvuttra launch for ATTR-CM. RBC Capital also maintained its Outperform rating for Alnylam, citing strong survey results from U.S. cardiologists that suggest Amvuttra’s launch is surpassing expectations. The European Commission has approved AMVUTTRA for treating transthyretin amyloidosis with cardiomyopathy, marking the first approval of an RNAi therapeutic for this condition in Europe. Alnylam has appointed Pushkal Garg as Executive Vice President, Chief Research and Development Officer, aiming to accelerate its R&D progress. The company is focusing on expanding global access to AMVUTTRA, with previous authorizations in the U.S. and Brazil. Additionally, Alnylam’s former CEO, John Maraganore, has joined the board of Axion Bio, a subsidiary of Instil Bio, to advance their cancer therapy program.
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